New York § 1038 When bonds legal investments for fiduciaries

New York Statutes

§ 1038 — When bonds legal investments for fiduciaries

New York § 1038

Law PBAPublic Authorities

Title 2Albany Light, Heat and Power Authority

Art. 5Public Utility Authorities

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Bluebook

N.Y. Public Authorities § 1038 (2026).

Text

  * § 1038. When bonds legal investments for fiduciaries. On or before\nJanuary first of each year commencing with the year nineteen hundred\nthirty-six, the comptroller shall file with the superintendent of banks\nhis certificate stating the average annual revenues of the authority, or\nof the properties acquired or to be acquired by the authority, for the\nthen preceding five years, as the case may be, and the maximum amount\nrequired in any future year to meet the interest and maturing principal\nof the outstanding obligations of the authority. If in his opinion the\nobligations of the authority are on the facts so determined and in his\njudgment sufficiently secured to constitute a suitable investment for\nthe public funds of the state, he shall so certify, but such\ncertification may 

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* § 1038. When bonds legal investments for fiduciaries. On or before\nJanuary first of each year commencing with the year nineteen hundred\nthirty-six, the comptroller shall file with the superintendent of banks\nhis certificate stating the average annual revenues of the authority, or\nof the properties acquired or to be acquired by the authority, for the\nthen preceding five years, as the case may be, and the maximum amount\nrequired in any future year to meet the interest and maturing principal\nof the outstanding obligations of the authority. If in his opinion the\nobligations of the authority are on the facts so determined and in his\njudgment sufficiently secured to constitute a suitable investment for\nthe public funds of the state, he shall so certify, but such\ncertification may later be withdrawn by him. If and so long as such\naverage annual revenues exceed one and one-third times such maximum\namount so certified, and the comptroller's certificate that the\nobligations of the authority constitute a suitable investment for public\nfunds shall be in effect, the comptroller and all other public officers\nand bodies of this state and all municipalities, districts and\nsubdivisions, all insurance companies and associations, all savings\nbanks and savings institutions, including savings and loan associations,\nadministrators, guardians, executors, trustees and other fiduciaries in\nthe state may properly and legally invest funds in their control in such\nobligations.\n * NB Terminated July 1, 1963\n